written and last updated by
Sam Smith at
17 Jul 2024
Journalist, Editorial Department
SM Investments, a major conglomerate in the Philippines, plans to invest at least $300 million (₱26.4 billion) in the construction of a casino resort north of Manila. Reuters reported on this development, citing informed sources.
Premium Leisure, a subsidiary of Belle Corp, which is part of SM, has applied for a license to build and operate the new facility. The casino resort is set to be located in Clark, a city in the Pampanga province. According to sources, the complex will feature not only a gaming establishment but also a hotel and a conference center.
Premium Leisure is the owner of the City of Dreams Manila, a casino resort valued at over $1 billion (₱88.1 billion), which is operated by Melco Resorts & Entertainment. SM Investments is a Philippine conglomerate with a market capitalization of $18.8 billion, with interests spanning banking, residential, office, and retail real estate, tourism, and other sectors.
Juan Paolo Colet, managing director of China Bank Capital in Manila, believes that SM's initiative will encourage other operators to follow suit. "Clark is becoming a promising market for gaming and leisure. It could become the next major hub for integrated resorts," Colet stated.
The gaming industry in the Philippines is already considered one of the largest in Asia, trailing only behind Macau and Singapore. Earlier, Alejandro Tengco, head of the local regulator PAGCOR, stated that by 2025, the country is expected to become the second-largest gaming center on the continent after Macau.
Additionally, it is worth noting that the Bloomberry casino resort, valued at $1 billion, has officially opened in the Philippines.
